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Corporate Affairs Commission places First Bank record on caveat as board crisis worsens

Corporate Affairs Commission places First Bank record on caveat as board crisis worsens
. As ex-AMCON chair accuses bank of promoting illegality and disobedience to court orders
By: Michael Mike
The Corporate Affairs Commission, CAC, has placed the record of First Bank of Nigeria (FBN) Holdings on caveat pending the resolution of the current crisis rocking the board of the bank as a result of multiple court cases filed by aggrieved directors.
The current crisis rocking the bank stems from protests by shareholders who are kicking against the bank’s internal governance and shareholding structure, as a result of which some of them have taken their grievances to the court. One of such is the case of Olusegun Samuel Onagoruwa v. FBN Holdings Plc in Suit No. FHC/L/CP/1271/2022), which is challenging the capacity of the Board of Directors of FBN to appoint new persons to fill vacant slots.
Onagoruwa in his suit is seeking “an order setting aside, nullifying, annulling and/or quashing the appointments and approvals of Mr. Olusola Adeeyo, Mr. Viswanathan Shankar, Mrs. Remilekun Adetola, Mr. Anil Dua and Mrs. Fatima Ibrahim as Non-Executive Directors of First Bank of Nigeria Limited made on the 20th day of March, 2024, by FBN Holdings Plc during the pendency of this action and in defiance of the subsisting order of this Honourable Court made on the 15th day of July, 2022.”
The motion also seeks an order restraining the above-named non-executive directors from acting or taking any steps as non-executive directors of the bank. The current court case follows similar four other cases pending at the Federal High Court in Lagos and Abuja challenging the internal governance of FBN Limited, in addition to existing court injunctions restraining the bank from holding the last two Annual General Meetings which the bank went ahead to hold.
In a new twist to the crisis, the Corporate Affairs Commission in a letter titled
“RE: NOTIFICATION OF PENDENCY OF SUIT NO. FHC/L/CP/1575/23 AGAINST FBN HOLDINGS PLC, AND SUBSISTING INTERIM ORDERS OF THE FEDERAL HIGH COURT MADE ON THE 9TH DAY OF AUGUST 2023 RESTRAINING FBN HOLDINGS PLC FROM HOLDING OR PROCEEDING WITH ITS ANNUAL GENERAL MEETING PURPORTEDLY HELD ON THE 13TH DAY OF AUGUST 2023”, weighed in on litigations threatening to tear the old generation bank apart.
Signed on behalf of the Registrar General of CAC by Chidimma Maureen Nwite, the Commission in a letter to lawyers to some of the parties in court against FBN Holdings said
“This is to inform you that the record of FBN Holdings PLC RC: 916455 has been placed on caveat pending the determination of Suit No. FHC/L/CS/1575/2023.
Please be guided accordingly.”
Speaking on the multiple crises rocking the foundation of First Bank, a former Chairman of Asset Management Corporation of Nigeria, AMCON and Senior Advocate of Nigeria, Dr. Muiz Banire accused the first generation financial institution of promoting illegality and flagrant disobedience of court orders, a development shareholders fear poses major threat to the bid by the bank to strengthen its capital base in line with the recent directive of the Central Bank of Nigeria to all banks operating in the country to recapitalize.
Banire who is involved in one of the court cases said “the Bank seems to now have a reputation of defying court orders. What I just read is similar to the case Iam handling also. The Bank appears to be building a reputation of lawlessness and by the time it boomerangs, the bank and by extension the shareholders will bear the brunt. I am sure the plaintiffs will not allow them to get away with the illegality. The case of the bank is becoming a bubble.”
He further said “I also believe the CBN is aiding and abetting the Board of Directors the apex bank imposed. Everything the Board is doing is beyond their mandate. The Apex Bank needs to dissolve the Board and allow the shareholders to choose their Directors. It is one illegality after another.”
According to one of the workers union leaders in the bank, “as the tenure of the imposed directors is expiring, the same illegitimate Management of FBN, whose legitimacy is being challenged, has gone further, during the pendency of the cases challenging their competence to lead the bank, to arbitrarily appoint further five independent directors. Where they derived the power from remains a mystery.
“Mismanagement and manipulation of shares are also being alleged in some of the cases pending against the bank while the legality of the AGMs and the imposed board of directors remain a challenge.” The union leader expressed the fear that the spate of litigations and board squabbles currently rocking the bank may bring a quick collapse of the over 100-year- old bank.
Also speaking on the development, a shareholder, Mr. Olalekan Babalola, said “it is imperative for the authorities to find a solution to this lingering crisis as Nigeria cannot afford another major bank’s collapse at this critical time when President Bola Tinubu is working hard to revamp the nation’s crumbling economy. This is because the current crisis will definitely impede the bank from getting the new Central Bank’s capitilisation threshold.”
He called for urgent resolution of all court cases in the overall interest of depositors, shareholders and other stakeholders of the bank before further damage is done to the oldest Nigerian bank.
Corporate Affairs Commission places First Bank record on caveat as board crisis worsens
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FG Saves N1bn Through Passport Reforms Annually, Issues Over 3.5m Passports in Two Years

FG Saves N1bn Through Passport Reforms Annually, Issues Over 3.5m Passports in Two Years
By: Michael Mike
The Federal Government on Tuesday said over 3.5 million passports has been issued in less than two years, adding that a massive N1 billion plus have been saved annually through reforms in the nation’s passport processing system.
The Minister of Interior, Hon. Olubunmi Tunji-Ojo, disclosed this on Tuesday in Abuja at the inauguration of the Ministry’s new Passport Front Office.
Tunji-Ojo said the reforms were implemented in line with President Bola Tinubu’s Renewed Hope Agenda to enhance efficiency, security, and service delivery.
The minister while stating that the administration met a backlog of over 200,000 unprocessed passports and a debt of nearly ₦20 billion in the sector when it assumed office in 2023, disclosed that the backlog and debt have since been cleared.
He said. “While 3,080,141 passports were issued locally, 466,117 passports were also issued in the diaspora since August 2023. This brings the total of 3,546,258 passports issued “
Tunji-Ojo noted that the ministry also fully automated the upload of breeder documents, such as birth and marriage certificates, which previously cost government about N1 billion annually.
He said: “This is a major reform. We no longer pay contractors for what Nigerians can upload themselves. That money stays with government now.”
The Minister revealed that the number of centres issuing enhanced e-passports had increased from 26 to 44 in Nigeria and from five to 47 in the diaspora, while stating that
all passport offices now issue harmonised enhanced passports in line with global best practices.
He said: “We inherited a system where different types of passports were issued. That affected our credibility. Today, every Nigerian passport is ICAO-compliant and globally verifiable.”
Tunji-Ojo promised that a new passport central personalisation centre with modern technology, provided at no cost by Iris Smart Technologies, would become operational by August 2025.
He commended the company for supporting the government’s reform efforts and providing advanced passport production equipment without cost to the treasury.
He said Nigeria now produces passports in more than 50 locations, both within the country and abroad, and has joined the International Civil Aviation Organisation (ICAO) Public Key Directory for global passport authentication.
He announced that effective July 31, all applications for Special Expatriate Permits and Temporary Work Permits must be submitted online.
“Manual processing will no longer be allowed. We must have the data, biometrics and documentation of every applicant for national security,” he said.
Tunji-Ojo said the reforms reflect the Federal Government’s commitment to digital governance, transparency, and efficient service delivery.
FG Saves N1bn Through Passport Reforms Annually, Issues Over 3.5m Passports in Two Years
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RARARA’: Atiku Abubakar, Nasiru El-rufai, and Rotimi Ameachi lack the cohesive strength and popular support necessary to unseat Tinubu-Shettima in 2027

RARARA’: Atiku Abubakar, Nasiru El-rufai, and Rotimi Ameachi lack the cohesive strength and popular support necessary to unseat Tinubu-Shettima in 2027
By: Maina Maina
The political landscape leading up to Nigeria’s 2027 presidential election is marked by intense rivalry, particularly between the trio of Atiku Abubakar, Nasir El-Rufai, and Rotimi Amaechi, and the incumbent Bola Tinubu alongside his running mate Shettima. Despite their vocal opposition to Tinubu’s administration, many analysts argue that this trio lacks the cohesive strength and popular support necessary to unseat Tinubu.
Hakeem Baba-Ahmed suggests that Atiku, El-Rufai, and Amaechi should step aside to mentor younger leaders who can offer fresh perspectives rather than pursuing power themselves. This recommendation underscores a broader call for renewal in Nigerian politics rather than recycling established figures.
While Atiku and his allies vow to challenge Tinubu’s re-election, citing national insecurity and economic hardship, public sentiment appears divided, with some Nigerians urging unity behind alternative candidates like Peter Obi. However, those truly committed to a vibrant democracy may find greater promise in supporting Tinubu’s proven political strategy combined with Kashim Shettima’s appeal. Thus, dismissing the claims of the opposition trio as lacking substantive engagement aligns with calls for pragmatic leadership that prioritizes national stability over fractious political ambition.
Also, Dauda Kahutu Radar, a prominent Hausa musician, asserted his confidence that he would be given the opportunity to contest the Nigerian presidential election against notable political figures such as Atiku Abubakar, Nasiru El-Rufai, and Rotimi Ameachi. He emphasized that his widespread popularity and deep connection with Nigerians surpass the influence of these politicians, who he claims are forming a coalition against the Tinubu-Shettima ticket.
Rarara’s statement reflects a growing trend where cultural icons leverage their public appeal to challenge traditional political actors. This claim underscores an evolving dynamic in Nigerian politics where celebrity status translates into political capital. Although not speaking for himself but for President Tinubu, his confidence stems from his perceived ability to mobilize grassroots support through his music and public persona.
His position challenges established political alliances and raises questions about voter preferences in contemporary Nigeria. Dauda Kahutu Rarara’s declaration highlights how non-traditional candidates might disrupt conventional electoral contests by capitalizing on popular appeal rather than entrenched party structures, a case that makes the coalition’s appeal child’s play.
The Hausa musician, in an interview with DCL Hausa, critically assessed the political legacies of Atiku Abubakar, Nasir El-Rufai, and Rotimi Amaechi, emphasizing their failure to meet the expectations of Nigerian citizens during their respective tenures. According to the musician, these figures have consistently revealed governance approaches that fall short of delivering tangible development and accountability. This pattern of underperformance has eroded public trust and credibility, thereby diminishing their capacity to effectively challenge the current Tinubu administration.
The musician argued that despite their political ambitions and vocal opposition to President Tinubu’s government, Atiku, El-Rufai, and Amaechi lack the moral authority necessary for substantive critique. Their previous governance records do not inspire confidence among Nigerians who seek progressive leadership. Consequently, this perceived deficiency undermines their legitimacy as credible alternatives or critics in Nigeria’s complex political landscape. The musician’s perspective underscores a broader discourse on accountability and leadership efficacy within Nigerian politics.
- Maina Maina writes from Kano.
RARARA’: Atiku Abubakar, Nasiru El-rufai, and Rotimi Ameachi lack the cohesive strength and popular support necessary to unseat Tinubu-Shettima in 2027
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Charterhouse Lagos purpose-built secondary boarding school set to open in September

Charterhouse Lagos purpose-built secondary boarding school set to open in September
By: Michael Mike
Charterhouse Lagos, the first British independent school in Nigeria, marked its one-year anniversary with a special reception held at the British Residence:
The event brought together an esteemed gathering of senior educators, parents, diplomats, and cross-sector leaders to celebrate the school’s achievements over the past year.
A key moment of the evening was the announcement of the school’s next major milestone, which is the launch of its purpose-built secondary boarding school set to open in September 2025. The event also served as both a celebration and a reaffirmation of Lagos’ commitment to offering traditional Nigerian values alongside British academic excellence.
The evening featured remarks from key stakeholders, short films showcasing the Charterhouse journey so far, and thought-provoking discussions on the future of education in Nigeria. The event concluded with a renewed sense of purpose and partnership, reinforcing Charterhouse Lagos as a beacon of UK–Nigeria educational collaboration.
Part of the prestigious Charterhouse family of schools, whose legacy dates to 1611, Charterhouse Lagos, opened its doors in September 2024, with a vibrant primary school programme, and is now set to expand significantly with the opening of its secondary school in September 2025, offering boarding for students from Year 7 upwards and full IGCSE and A Level pathways by 2026.
Speaking at the event, British Deputy High Commissioner, Mr. Jonny Baxter said: “The UK and Nigeria have built a strong and enduring educational partnership over the years. Generations of Nigerian students have studied in British schools and universities, forming lifelong connections and shaping global careers.
“Today, that relationship is evolving. UK institutions are increasingly investing in Nigeria’s future and Charterhouse School, Lagos, is another great example. By bringing world-class British education to one of Africa’s most dynamic cities, it supports the aspirations of Nigerian families and reflects the UK’s commitment to long-term collaboration and growth in the region.”
Director of Education at Charterhouse Lagos, Mr. John Todd said: “This is more than a school project. We are building a learning environment that combines British rigour with Nigerian warmth, where children can grow in confidence, character, and global awareness. The response from families has been remarkable, and we are excited to begin the next phase with the secondary school.”
With an investment of over USD $150 million sitting on a 70-hectare campus, Charterhouse Lagos will house state of the art academic buildings, boarding houses, STEM labs, a performing arts centre, a full-size football pitch, a 25-metre swimming pool, and on-site healthcare delivered in partnership with Evercare Hospital.
Charterhouse Lagos is a British international school located in Nigeria, offering a rigorous British curriculum for primary and secondary students. It’s the first British independent school in West Africa and part of the prestigious Charterhouse family of schools. The school emphasizes academic excellence, leadership development, and a holistic approach to education.
Charterhouse Lagos purpose-built secondary boarding school set to open in September
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